[gsc] e-gold indictment unsealed

[Eric Cordian]

Interesting.

The basic question here seems to be whether electronic interchange
of depository receipts for a commodity is a "money transmittal
business."  Money being legitimate currency of some government, or
instruments representing said currency.

The government has a long history, particularly where the IRS is
concerned, of ruling that what something actually is, is not
necessarily what it is called.

I suspect what will come out of this case, is a court ruling that
says that "money" is anything you can use to buy stuff with,
regardless of its actual implementation, or whether it is
denominated in an actual currency.

This will extend the "know your customer" BS to a plethora of other
businesses, and subject them to the same onerous regulatory climate
banks now experience.

This will be the death of e-cash.

 --
Eric Michael Cordian 0+
O:.T:.O:. Mathematical Munitions Division
"Do What Thou Wilt Shall Be The Whole Of The Law"